Eastern Bank Purchases New Position in Texas Pacific Land Co. (NYSE:TPL)

Eastern Bank purchased a new stake in shares of Texas Pacific Land Co. (NYSE:TPL) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 125 shares of the financial services provider’s stock, valued at approximately $111,000.

Several other institutional investors and hedge funds have also bought and sold shares of TPL. GAMMA Investing LLC raised its holdings in shares of Texas Pacific Land by 315.4% during the first quarter. GAMMA Investing LLC now owns 54 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 41 shares in the last quarter. Janiczek Wealth Management LLC lifted its position in shares of Texas Pacific Land by 1,185.7% in the 1st quarter. Janiczek Wealth Management LLC now owns 90 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 83 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Texas Pacific Land by 559.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,242 shares of the financial services provider’s stock worth $5,346,000 after purchasing an additional 7,840 shares during the period. Financial Management Professionals Inc. boosted its stake in shares of Texas Pacific Land by 201.1% during the 1st quarter. Financial Management Professionals Inc. now owns 524 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 350 shares in the last quarter. Finally, Hodges Capital Management Inc. increased its position in shares of Texas Pacific Land by 130.9% during the first quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider’s stock valued at $44,625,000 after buying an additional 43,726 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Trading Up 0.5 %

Shares of Texas Pacific Land stock opened at $1,089.97 on Friday. The business has a fifty day simple moving average of $914.13 and a two-hundred day simple moving average of $769.64. The firm has a market capitalization of $25.05 billion, a P/E ratio of 56.07 and a beta of 1.60. Texas Pacific Land Co. has a 12 month low of $467.62 and a 12 month high of $1,095.75.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. The business had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. During the same quarter last year, the company posted $4.35 EPS.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $1.17 dividend. This represents a $4.68 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is 24.07%.

Analysts Set New Price Targets

Separately, BWS Financial reaffirmed a “buy” rating and set a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.